Len Becker, Skokie’s economic development director | Village of Skokie
Len Becker, Skokie’s economic development director | Village of Skokie
At its Feb. 6 meeting, the Village of Skokie board was presented with a request to support a new development at 8047 Skokie Boulevard with TIF funds.
The development is a six-story building with 56 residential units and space for commercial and retail businesses. The residential units will be split between one bedroom, 1 bedroom with den, two bedroom, and two bedroom with den units. All units will have a kitchen and a bathroom and there will be almost 80 parking spaces for residents and guests to use.
“The developer has a track record of success, the Boulevard project was very successful in leasing up in a much shorter time than anyone anticipated, especially with what was going on in the world,” Len Becker, Skokie’s economic development director, said. “[The developer] has embraced the environmental and sustainability plan. You can see many of the caveats and pillars of the plan are addressed.This is exactly an infill development, it’s an abandoned bank site that has been vacant for at least five years. It’s underutilized.”
Becker told the board the developer has been working with the city staff on this project, which is revamping an old bank near one of Skokie’s busiest districts, for two years now. The considerable costs of the project, along with inflation and growing prices for supplies and materials for such a project, have led to them requesting TIF funding support from the village. They have, with the review and support of city staff, asked for a $1.7 million TIF note in the Downtown Science and Technology district that will be issued with a pay as you go stance.
The board was told the project is expected to generate over $400,000 in tax revenues each year after it is built. Not only will this project get rid of a blight of a years-long vacant building in the downtown area, but it will also provide affordable rate housing options and additional jobs in downtown Skokie, where the TIF district is not scheduled to end until 2029. The project is estimated to cost over $12 million. The council voted in favor of granting the TIF note for the project.
In other business, the board voted on several appointments and resignations.
Board Trustee Ralph Klein was absent from the meeting.
The board will meet again at 7:30 p.m. on Tuesday at the Skokie Council Chambers at 5127 Oakton St.
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